Over the last five or 6 years …Papaya Global Cost Calculator… roles on the provider side and also on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very dreary and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to enhance working capital, and discover how improving global payroll payments can transform them from a troublesome job into a strategic property.
Managing payroll worldwide is a complicated job due to different policies, compliance requirements, information security concerns, and banking rules. The large number of employees and organizations adds to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and an absence of combination, causing disparities and inefficiencies. Regardless of living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to supply insights and solutions to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in international payroll the less of an image they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide organizations have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and say what is it what doesn’t require to be included best and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to kind of progress with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I’m constantly amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on well-being and the compensation landscape is becoming increasingly detailed. Companies are continuously presenting new benefits and payment alternatives, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s highly sophisticated era, there’s no validation for maintaining cumbersome procedures. Payroll, the business’s biggest expenditure, need to be processed properly and on time. Even slight hold-ups can negatively affect workers’ wellness and have significant repercussions. Therefore, it’s important to prioritize precise and timely payments.
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally too. Therefore, it is necessary to make sure that jobs like Wi-Fi International and other crucial matters are done properly. Using the first Global Payments very first payroll payment service is a great initial step towards offering an extensive payroll option for staff members worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and savings account needed for global payroll are key factors in achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyway we understand how how essential a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of shot to get back to everybody so moving on look why do business pick to primary different savings account there are Papaya Global Cost Calculator businesses out there doing exactly this for particular countries and I have actually operated in an organization or lots of services doing exactly that I can say it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we do not have to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I think individuals have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a process that requires taking a look at it needs changing but eventually individuals are very stuck to what they’re familiar
with ideal um change is a tough thing we all don’t like modification um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having keeping numerous savings account however there’s a huge quantity of intricacy chooses setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is big but I believe the truthful answer is modification um individuals haven’t been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to keep track of and this approach does posture numerous obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Cost Calculator